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Shareholders' Equity / Partners' Capital
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Shareholders' Equity / Partners' Capital Shareholders’ Equity / Partners’ Capital
When the Company issues common or preferred shares, the Operating Partnership issues an equivalent number of units of partnership interest of a corresponding class to AMH, with the Operating Partnership receiving the net proceeds from the share issuances.

At-the-Market Common Share Offering Program

In June 2026, the Company entered into a new at-the-market common share offering program, replacing the previously expiring program, under which it can issue Class A common shares from time to time through various sales agents up to an aggregate gross sales offering price of $1.0 billion (the “At-the-Market Program”). The At-the-Market Program also provides that we may enter into forward contracts for our Class A common shares with forward sellers and forward purchasers. The At-the-Market Program may be suspended or terminated by the Company at any time. During the six months ended June 30, 2026 and 2025, no shares were issued under the new At-the-Market Program nor the previous program and $1.0 billion remained available for future share issuances.

Share Repurchase Program

In 2018, the Company’s board of trustees authorized the establishment of a share repurchase program for the repurchase of up to $300.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions (the “2018 Share Repurchase Program”). All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the six months ended June 30, 2025, we did not repurchase and retire any of our Class A common shares or preferred shares under the 2018 Share Repurchase Program. During the fourth quarter of 2025, the Company repurchased and retired 4.7 million of its Class A common shares on a settlement date basis pursuant to the 2018 Share Repurchase Program at a weighted-average price of $31.77 per share and a total price of $150.0 million. In January 2026, the Company fully utilized the remaining authorization for the repurchase of Class A common shares under the 2018 Share Repurchase Program and repurchased and retired 3.7 million of its outstanding Class A common shares on a settlement date basis pursuant to the program at a weighted-average price of $31.49 per share and a total price of $115.1 million.

In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program for the repurchase of up to $500.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares from time to time in the open market or in privately negotiated transactions (the “2026 Share Repurchase Program”). The 2026 Share Repurchase Program does not have an expiration date but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units. During the six months ended June 30, 2026, the Company repurchased and retired 4.1 million of its Class A common shares on a settlement date basis pursuant to the 2026 Share Repurchase Program at a weighted-average price of $29.88 per share and a total price of $123.0 million. As of June 30, 2026, we had a remaining repurchase authorization of up to $377.0 million of our outstanding Class A common shares and up to $250.0 million of our outstanding preferred shares under the 2026 Share Repurchase Program.
Perpetual Preferred Shares / Units

As of June 30, 2026 and December 31, 2025, the Company had the following series of perpetual preferred shares outstanding (amounts in thousands, except share data):
June 30, 2026December 31, 2025
SeriesIssuance DateEarliest Redemption DateDividend RateOutstanding SharesCurrent Liquidation Value Outstanding SharesCurrent Liquidation Value
Series G perpetual preferred sharesJuly 17, 2017July 17, 20225.875 %4,600,000 $115,000 4,600,000 $115,000 
Series H perpetual preferred sharesSeptember 19, 2018September 19, 20236.250 %4,600,000 115,000 4,600,000 115,000 
Total preferred shares9,200,000 $230,000 9,200,000 $230,000 

Distributions

The Company’s board of trustees declared the following distributions during the respective quarters. The Operating Partnership funds the payment of distributions, and the board of trustees declared an equivalent amount of distributions on the corresponding OP units.
For the Three Months Ended
SecurityJune 30,
2026		March 31,
2026		June 30,
2025		March 31,
2025
Class A and Class B common shares$0.33 $0.33 $0.30 $0.30 
5.875% Series G perpetual preferred shares
0.37 0.37 0.37 0.37 
6.250% Series H perpetual preferred shares
0.39 0.39 0.39 0.39 

Noncontrolling Interest

Noncontrolling interest as reflected in the Company’s condensed consolidated balance sheets primarily consists of the interests held by former American Homes 4 Rent, LLC (“AH LLC”) members in units in the Operating Partnership. Former AH LLC members owned 49,579,990 and 49,879,990, or approximately 12.1% and 12.0%, of the total 409,951,999 and 417,133,720 Class A units in the Operating Partnership as of June 30, 2026 and December 31, 2025, respectively. Noncontrolling interest also includes interests held by non-affiliates in Class A units in the Operating Partnership. Non-affiliate Class A unitholders owned 556,990 and 596,990, or approximately 0.1%, of the total 409,951,999 and 417,133,720 Class A units in the Operating Partnership as of June 30, 2026 and December 31, 2025, respectively. The OP units owned by former AH LLC members and non-affiliates are reflected as noncontrolling interest in the Company’s condensed consolidated balance sheets and limited partner capital in the Operating Partnership’s condensed consolidated balance sheets.